The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
FICO® scores are numbers measuring creditworthiness using a specific scoring system created by the Fair Isaac Corporation (FICO®). Your credit score, on the other hand, can use any scoring model to generate a number measuring your creditworthiness.
Your credit score is a personally assigned number generated by any credit scoring model that measures your creditworthiness. Lenders and creditors use this score to determine whether they can approve you for loans and credit, and if so, at what interest rates. A higher score means you’re seen as a more reliable borrower, and you’ll likely get better offers from lenders.
People often use the terms “credit score” and “FICO score” interchangeably. In reality, a FICO score is only one kind of credit score. Keep reading for a complete rundown of the differences between a FICO® score and a credit score.
What is a FICO score?
A FICO score is a type of credit score generated by the credit scoring system developed by the Fair Isaac Corporation (FICO). The FICO score was created in 1989 and is one of the most commonly used credit scoring systems for lenders today. According to FICO, 90 percent of all top lenders use FICO scores.
FICO scores can range anywhere from 300 to 850. There are multiple versions of FICO scores, but the newest is the FICO Score 10 model. FICO releases new credit scoring models every few years to adapt to changes in the marketplace. For example, one of the main updates seen in the FICO 10 model is that debt from the most recent 24 months is more heavily weighted than other debt.
Your credit score is critical as it can dictate what types of financial products you’re approved for (mortgages, credit cards, personal loans, car loans) and the terms and interest rates on these products. In fact, your credit score can even reach beyond your finances, as it can be collected by employers and landlords reviewing applicants.
Industry-specific FICO scores
In addition to the standard FICO models, there are industry-specific FICO scores, such as the FICO Auto Score and the FICO Bankcard Score. These industry-specific scores are made for select types of credit such as cars, mortgages, and credit cards. While standard FICO scores range from 300 to 850, industry-specific scores range from 250 to 900.
Overall, FICO industry-specific scores aren’t used as frequently as the standard model.
How is a FICO score calculated?
Your FICO score is made up of the following five factors, all of which are weighted differently:
35 percent: Payment history
30 percent: Amounts owed
15 percent: Length of credit history
10 percent: New credit
10 percent: Credit mix
FICO receives this consumer information from the three major credit bureaus (Equifax, Experian and TransUnion). And those credit bureaus receive consumer data directly from lenders and creditors, which tend to report the information monthly.
What is a good FICO score?
Generally speaking, anything above 670 is seen as a good credit score. However, this will vary from lender to lender.
The FICO model groups people’s scores into these categories:
Exceptional: 800+
Very good: 740 – 799
Good: 670 – 739
Fair: 580 – 669
Poor: 579 and below
An exceptional score means you’ll likely get quickly approved for everything (or almost everything) you apply for, you’ll receive the best terms and you’ll secure the lowest interest rates. In comparison, a poor score will usually lead to application denials, and when you are approved, it’ll be with high interest rates and poor loan terms.
How to get your FICO score
You can get your FICO score directly from FICO or from one of its partners.
Check the FICO Open Access Program: FICO has partnered with a number of institutions to provide your FICO score number for free under its open access program. Check to see if your bank or credit and financial counseling program is listed.
Purchase access from FICO: You can purchase your score and other services from FICO.
Purchase from an authorized FICO retailer: FICO authorized retailers are Experian and Equifax.
When you receive your score from any provider online, make sure to confirm which scoring model was used. Most lenders do use FICO scores when making lending decisions, but it’s still helpful to understand the other scoring models—like VantageScore.
FICO score vs. VantageScore®
The two dominant credit scoring models are the FICO score and VantageScore. VantageScore was created in 2006 by the three major credit bureaus. While VantageScore is less popular overall, it’s gaining more market share every year.
The VantageScore and FICO score models are very similar—they both range from 300 to 850 and release new versions of their scoring model every few years. Still, there are some critical differences between the two models. For example, FICO requires a consumer to have an account open for at least six months before a score can be given, while VantageScore assigns a score as soon as an account appears on your credit report.
Additionally, how VantageScore values various aspects of your credit data differs from FICO. VantageScore assigns the highest weight to credit usage, credit mix and payment history and the lowest weight to new accounts and credit history age.
As a result of these differences, your VantageScore and FICO score can differ. Unfortunately, even if you score higher with one model, you won’t usually be able to use this knowledge to your advantage. You often won’t know if a lender will pull a FICO score or a VantageScore.
Other kinds of credit scores
There are many other credit scores generated and used by other lenders and companies. Common ones are educational credit scores and business credit scores.
An educational credit score is based on a private lender or credit bureau’s ranking of your financial information.
For example, the PLUS score was designed by Experian to provide you with a basic idea of your risk level and creditworthiness. Although they’re designed to measure credit risk, educational credit scores aren’t used by lenders.
Models like the PLUS score are meant for consumer use only, which means they’re not considered when lenders review your loan application.
Business credit scores predict your company’s financial stability and how reliable you are in terms of managing company finances.
For example, Dun & Bradstreet’s D-U-N-S Number is used to identify your business and is the key to finance-related information about your company, like your business credit report, your D&B Delinquency Predictor Score and more.
All your credit scores will likely differ since numerous scoring models are used and these models weigh information differently. They may also pull information from one, two, or all three of the credit bureaus.
Instead of focusing on the specific criteria for each score, you should instead focus on responsibly managing your credit with FICO’s criteria as a guideline, since that score is most commonly used.
How to improve your FICO score
The good news is that if you’re unsatisfied with your FICO score, you can take steps to improve it. By understanding the five factors that make up your credit score, you can also determine what you can potentially do to increase your score. You can usually improve your FICO score by:
Paying down your debts
Paying your bills on time
Keeping your credit utilization low
Only opening new accounts when necessary
Avoiding too many hard inquiries
Keeping your oldest accounts open
It’s also important to check your credit reports frequently. Your credit reports can give you a better understanding of what’s dragging your score down, and you’ll want to make sure that your credit reports don’t contain any inaccurate or false information that’s unfairly affecting your score. If that’s the case, Lexington Law Firm can help you address the errors to get the accurate credit report you deserve.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Paola Bergauer
Associate Attorney
Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.
In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.
Inside: You are wanting to work from home. Here are the best non phone work from home jobs. Exactly what you wanted to find.
Are you looking for a work from home job but don’t want to deal with people? You’re in luck!
There are plenty of non-phone jobs that allow you to work from the comfort of your own home.
This is becoming more and more popular because it allows you autonomous work without the influence of talking to others.
Plus we will cover the best non phone work from home jobs! There are many options available.
To help you get started, we’ve compiled a list of the 35 best non-phone jobs for you:
Can you work from home without talking on the phone?
Yes, you can work from home without talking on the phone.
More and more jobs are transitioning away from the use of a phone. So, there is no better time than to transition yourself.
Best non phone work from home jobs
Here is a comprehensive list of the best non phone work from home jobs.
You will find a variety of part-time, full-time, and contract opportunities in a wide range of fields. Also, the opportunity to become your own boss.
1. Stock Trader
Stock traders must have a good understanding of market trends, economic forces, and have the ability to make quick decisions based on their analysis.
The benefits of working as a stock trader include high pay, job security, and the potential to make a lot of money if the stock market is performing well.
Additionally, stock traders are able to work from home and have flexible hours, meaning that they can plan their working day around other commitments.
Personally, this is one way I make money is by trading stocks and options. Join the $1000 in a day club.
2. Video Editor
A video editor is someone who works with audio and visual content to create cohesive and engaging visuals for either commercial or creative purposes.
They use various software programs to manipulate video clips, sounds, and images in order to create a compelling story. The role of a video editor involves careful attention to detail and the ability to utilize a wide range of software and hardware.
The advantages of a job as a video editor include the potential to work from home and create a flexible schedule, as well as the potential to make great money, depending on the level of experience.
Additionally, it can be a great way to express creativity and further develop important skills.
On the other hand, one of the major disadvantages of working as a video editor is the high stress level that comes with the role.
Video editors are often under pressure to deliver projects under tight deadlines, which can lead to increased pressure and stress. Additionally, there is often a steep learning curve, as video editing requires a lot of technical knowledge and experience.
3. Proofreader
Proofreading is a non-phone work from home job that involves reading and carefully reviewing written documents for errors of spelling, grammar, syntax, and punctuation. It also involves making sure that the text makes sense and is consistent with the document’s purpose.
Proofreaders are expected to identify and correct errors as they appear in the text.
The pay for proofreaders is typically between $44k and $58k per year.
To make the job easier, I would take the Proofreading Anywhere course to understand what is expected of you.
4. Data Entry Jobs
Data entry clerks are often required to sort, organize, and verify the accuracy of data before entering it into the computer system.
Additionally, this type of job does not require any prior experience and can be learned quickly.
Data entry clerks can usually make an hourly wage, which makes it a great option for those looking for a side income. Furthermore, data entry clerks are often hired for short-term or part-time projects, allowing them to pick and choose their hours.
5. Writer
Typically, the role of a writer is to produce content, such as blog posts, articles, product reviews, press releases, and more, for various companies.
Writers must have a good command of the English language and demonstrate great grammar and spelling in order to be successful. Additionally, writers must have the ability to create content that is search engine optimized and persuasive.
Many people have found the Earn More Writing course helpful to bump start your freelance writing potential.
All in all, freelance writing is a great way to make a living and offers flexible hours, the potential for long-term growth, and higher pay rates.
6. Web Search Evaluator
Search engine evaluators have the important job of ensuring that search engine results are relevant and accurate to the user’s intent.
For example, a user might enter the search query ‘chocolate cupcake recipes’, and the search engine should return relevant results such as recipes. If the search results are irrelevant or inaccurate, the search engine evaluator is tasked with rating them accordingly.
Search engine evaluators typically earn around $20 per hour and can make up to $40k a year if they take the job as full-time professional.
7. Virtual Bookkeeper
A virtual bookkeeper is a professional who can provide bookkeeping services to businesses from remote location.
Most people choose to work for themselves as a bookkeeper with a bookkeeping side gig (or full-time business).
One of the main benefits of working as a virtual bookkeeper is that no college degree or qualification is needed to get started. Generally, bookkeepers charge around $80 an hour or more for their services.
Finally, you can learn more about getting started with Bookkeeper Launch to help you become a freelance bookkeeper.
8. Image Reviewer and Photo Editor
Similar to a video editor, a photo editor’s duties include, but are not limited to, ensuring that images display the desired quality, accuracy, and clarity; checking for visual consistency across all images; editing images to make them look more appealing; and providing feedback on the images.
Additionally, they may be responsible for curating collections of images, creating new content, and managing projects.
For those looking to sell on Shutterstock, this is a great side hustle.
9. Create and Sell Printables on Etsy
With a little creativity and the right software, you can create unique printables that customers can purchase and print out themselves.
This can be a great way for you to make passive income with minimal effort.
In fact, my friends Cody and Julie did so well selling printables; they now teach others how to make a living creating and selling printables.
10. Selling on Amazon (FBA program)
This is a way to make money by reselling products you find online or in brick and mortar stores on Amazon for a higher price.
Amazon will ship the products to your customers, handle customer service, and even provide storage for the products.
With the right amount of work and dedication, you can make quite a bit of money with FBA.
11. Blogger
With blogging, you have the ability to work from anywhere in the world with just a computer and an internet connection.
You can write about whatever topics you are passionate about and be your own boss.
You can also make money blogging through various income streams such as affiliate marketing, paid sponsorships, ads, and more.
12. ESL Instructor
The job of an ESL (English as a second language) instructor is to provide English language instruction, usually via webcam, to those who are not native English speakers.
The benefits of this job are numerous: it allows for flexible hours, can be done from anywhere in the world, and offers an opportunity to make a difference in the lives of learners from all over the world. Additionally, being an ESL instructor allows one to learn about other cultures, stay up to date with language trends, and gain valuable professional experience.
To get the job, you need to have a thorough understanding of the English language and pass any certification tests.
This is a great type of job that pays weekly.
13. Virtual Assistant
A virtual assistant (VA) is a professional who provides administrative and technical support to clients remotely. They help with a variety of tasks like answering emails, data entry, blog management, bookkeeping, editing, proofreading, marketing, research, filing documents, and customer service – to name just a few.
The type of services you offer will depend on your skills, experience, and education.
The biggest benefit of working as a VA is that you can work from home and set your own hours.
And the pay can be quite lucrative, with rates ranging from $25 to $100 an hour.
If you’re interested in becoming a VA, Kayla Sloan offers a free workshop that teaches people how to become Virtual Assistants and makes up to $10,000 a month. Download her Virtual Assistant checklist.
14. Accountant
An accountant is a professional who is responsible for tracking financial records and preparing financial statements for a business or individual. They ensure that their clients’ finances are accurate and in compliance with applicable laws and regulations.
One of the primary benefits of working from home as an accountant is flexibility. You are able to work your own hours and set your own schedule. This allows you to create a better work-life balance and also gives you more time to spend with your family.
15. Freelance Jobs
A freelancer is someone who does work for themselves and not for a company.
This is typically contract-type work.
You can find freelance jobs on sites such as Upwork, Fiverr, or People Per Hour.
The best way to freelance is to know your own skills and how to monetize them.
16. Editor
An editor is a professional who is responsible for reviewing and improving documents, whether that be in print, online, or even on video.
Editing involves ensuring accuracy, flow, grammar, and style. This is a great non phone work from home job because it allows for great flexibility and does not require a college degree.
Most positions are freelance which means that you can work on your own schedule and take on as much work as you can.
17. Social Media Manager
Social Media Managers are in charge of maintaining a client’s presence on a variety of social media sites, such as Facebook, Pinterest, Instagram, Snapchat, YouTube, Twitter, and Google Plus.
They are expected to respond to comments, manage brand partnerships, create posts, photos, and videos, and track analytics to come up with an effective marketing strategy to promote their client’s accounts.
In addition to creating content, Social Media Managers typically monitor and moderate what is posted on the client’s social media accounts. They are usually responsible for ensuring that the content is appropriate and that the rules and regulations of the platform are followed.
The potential salary range for Social Media Managers can vary, but they can typically make $78000 per year.
18. Transcriber
A transcriber’s role is to convert audio recordings into written documents. They listen to audio files and type out what they hear.
Transcribers have the advantage of being able to work from home and can earn up to $21 per hour or more if they start their own business. They also have the potential to increase their wage upon gaining more experience.
Additionally, transcribers do not need to interact with other people, making it an ideal job for those who are more introverted or prefer working alone.
Finally, there are various resources available to help transcribers get started, including free mini-courses and companies that hire experienced and beginner transcribers.
19. Marketing Associate
As a Marketing Associate, you’ll be responsible for a wide variety of tasks, including developing and executing marketing campaigns, conducting market research, creating content, and managing and optimizing paid search, video creation, and other digital marketing efforts.
Additionally, you may be asked to support customer service via live chat, social media, text, and email.
The ideal candidate for this role will have excellent communication skills, be proficient in typing and have excellent spelling and grammar, and be passionate about social media platforms.
20. House sitter
A house sitter is someone who stays in a home while the homeowners are away and provides care for the premises and any pets that the homeowners may have.
The job of a house sitter includes tasks such as watering plants, taking out trash, and performing general maintenance of the property.
House sitters can benefit from the opportunity to experience different places, save money on rent, and have some extra time to explore their surroundings.
Platforms such as TrustedHousesitter.com make finding house-sitting jobs easier than ever before.
21. Online Tutor
The role of an online tutor is to guide students in their studies and help them understand a particular subject or skill virtually, through video chat or online software. Plus you have the opportunity to work with students from different countries.
Online tutoring jobs vary in requirements, but typically a bachelor’s degree or current college enrollment is needed.
They provide instruction and guidance, assist students with assignments, answer questions, and give feedback on their progress. The tutor also has a responsibility to motivate and encourage their students to stay on task and reach their academic goals.
22. Pet-Sitting Jobs
Pet sitting jobs can be a great way to make some extra money from home while spending time with animals (and not people)!
With Rover, you can earn anywhere between $10 and $20 an hour for dog walking, $20-30 for overnight stays, and some people are even making $1000+ a month in metro city areas. As a pet sitter, you have to stay at home with someone else’s pets and they pay you for taking care of their pets.
Rover.com is a great platform to find pet sitting jobs as they offer a wide range of services such as dog walking, pet sitting, and pet care.
23. Personal Stylist
Personal styling is an exciting and relatively new job that offers the opportunity to work from home. The role of a personal stylist is to help clients express their individual style through the selection of clothes, accessories, and other items.
It involves curating a set number of clothing items and accessories based on the client’s fashion profile. This job requires an eye for detail, an innate sense of style, and creativity.
It’s perfect for creative individuals who are passionate about fashion and have an eye for details.
24. Website Tester
Website testers are typically paid to assess the overall user experience on a website and provide feedback on how to improve it. W
You do not need a phone to complete your tasks; they only require a laptop with a webcam and microphone to record your observations.
Website testing is a non-phone work from home job that pays good money to ensure that websites are user-friendly. It is a flexible and straightforward way to make some extra cash.
25. Closed Captioner
A closed captioner is a person who transcribes audio into text for specific use on video.
This is a great job for those who learn and work better visually, as well as those who can type quickly and accurately. This type of work allows for a very flexible work schedule, meaning you can work when you are most productive and there is no need for any phone interactions.
You get the freedom to work on your own schedule and make a decent amount of money doing something that doesn’t require phone conversations.
26. Online Test Scorer
An online test scorer is responsible for scoring assessments such as tests, exams, and essays from students of high school or college. This job requires a certain level of expertise, as the test scorer must be able to interpret and evaluate the quality of the assessments accurately and fairly.
The test scorer must also be able to maintain the confidentiality of the students’ answers and grades and be able to provide feedback that is relevant and constructive.
This job typically requires a bachelor’s degree, and it is often seasonal with part-time hours.
27. Translator
The role of a translator is to take a language and convert it into another language, be it oral, written, or audio.
Translators not only have to be multi-lingual and have a good command of grammar and spelling, but they also need to be able to convey the meaning of the words they are translating accurately. They can work on a variety of projects, from subtitling to full-length books.
There is a wide range of online platforms on offer, so translators can pick the one that best suits their skill set and desired pay rate.
28. Graphic Designer
A Graphic Designer is someone who is skilled in using platforms like Photoshop, Canva, and other software to create visual and graphical designs.
Typically, these designs are used for things like logos and branding materials, websites, social media content, or clothing.
You must have a creative flair, as well as knowledge of graphic design and the required software. In order to be successful, they must have a computer with a good internet connection and the programs necessary to do the job.
29. Medical Coder and Biller
A medical coder and biller are responsible for translating a patient’s symptoms, diagnosis, and medication prescribed by a doctor into codes.
These codes are then entered into a database for the biller to use, who will turn them into a bill to be submitted to the patient’s insurance company.
The average pay scale for medical coders and billers can range from $45k – $65k per year, and they can find many remote positions on job sites like Indeed.com.
30. Instructional Designer
The role of an Instructional Designer is to research, write, design, and create training courses and manuals for a variety of people, such as educators, students, and employees.
Instructional designers need a degree in the subject being written about, or a degree in education, and should enjoy writing and editing. Working from home as an Instructional Designer has many benefits.
Working from home in an Instructional Designer role gives you the freedom to explore new methods and techniques to create the best possible course or manual.
31. Non-Phone Remote Nursing Jobs
With more and more companies offering remote work opportunities, there are many non-phone remote nursing jobs available.
The type of work ranges from utilization review nurses, clinical research associates, and data abstractors all work with data and compliance, ensuring procedures are being followed correctly and that they are medically necessary.
Companies such as Cigna, CVS, Flatiron, PPD, and UnitedHealth Group are just some of the many hiring companies offering these types of remote nursing positions.
32. Fraud Investigator
Fraud investigators are in demand in many industries, including financial institutions, e-commerce stores, healthcare companies, and insurance companies. As a fraud investigator, you’ll be tasked with looking for fraud, abuse, and irregularities in financial transactions.
If you have an eye for detail and like doing research, this could be a great non-phone job opportunity for you.
Companies usually require customer service experience or a criminal justice degree and/or a CAMS certification (Certified Anti-Money Laundering Specialist). It’s a great way to make a good income without having to pick up the phone.
33. Community Moderator
A community moderator is a person who oversees online forums, groups, and social media accounts to ensure that rules and regulations are being followed, questions are being answered, and spam and junk content are being removed.
It is an online opportunity where moderators can be employed to manage and moderate comments on various social media sites and chat rooms.
The benefits of working as a community moderator include the opportunity to work from home and a flexible schedule. Additionally, moderators will gain experience in digital engagement, such as moderating forums, chatting with customers, managing communities, and buzzing on social media.
34. Netflix Tagger
The Netflix Tagger is a real job opportunity that allows individuals to work from home watching movies and tagging them with the appropriate keywords, genres, and descriptions.
This job is ideal for those who have a passion for movies and experience or education in radio, television, and film.
Working as a Netflix Tagger (also known as Metadata Analyst) is not only rewarding but it is also beneficial for those who want to work remotely without having to make phone calls or talk to customers.
35. Provider Enrollment Specialist
A provider enrollment specialist is a non-phone work-from-home job that involves researching, reviewing, analyzing, and managing provider enrollment applications to ensure they are in compliance with guidelines.
Provider enrollment specialists usually require prior experience in medical terminology, appeals, claims, or customer service, and may also require an associate’s or bachelor’s degree.
36. Survey Taker
By completing surveys, survey takers are able to share their opinion and help inform companies and brands on how to provide better products and services that meet customer needs and expectations.
Benefits of working as a survey taker from home include the flexibility of being able to work at your own pace and the ability to earn extra income while working whenever and wherever you choose.
Additionally, survey takers can take advantage of cash, rewards, and sweepstakes entries as compensation for their time.
It is not a way to get rich, but it is a great way to make extra money on the side.
Here are the top legit survey platforms:
37. Chat and Email Support
Chat and email support workers provide customer support and assistance via email and online chat. They are responsible for responding to customer inquiries and resolving customer issues.
This customer service-oriented position does not require the use of a phone.
Chat and email support workers must be able to answer customer questions and respond to their inquiries quickly and accurately. They must also be able to use active listening skills and type quickly.
Companies often provide chat and email support workers with guidelines for providing customer support, and they may also require workers to understand their products in order to provide effective customer service.
Are non phone work from home jobs legitimate?
The answer is yes! In fact, there is a growing number of non-phone work from home jobs for those who don’t want to be on the phone all day.
Whether you’re a mom with kids and pets running around, or if you find customer service work draining, there are good options out there for you to make money from home without being on the phone.
In conclusion, non-phone work from home jobs are legitimate and provide a great opportunity to make money from home without being on the phone.
FAQs
Ultimately, the skills needed to succeed in non phone work from home jobs will depend on the type of job you are pursuing.
More than likely, you’ll need excellent typing skills, excellent spelling and grammar, and the ability to troubleshoot and solve issues, among other skills.
However, many of the jobs mentioned above pay between $15 an hour to $50 an hour.
Some companies may also offer a base salary plus bonuses or incentives.
Fortunately, there are plenty of non-phone jobs available for remote workers that don’t require a diploma.
However, you may have to take some online courses to excel faster in your field.
Many on this list are great low stress jobs that pay well without a degree.
Yes, there are software or tools needed for non-phone work from home jobs, depending on the type of job.
More than likely, you will need a computer and a reliable internet service.
Are you Excited to Work from Home Job No Phone?
Working from home has become increasingly popular over the years, as it offers flexibility, comfort, and the ability to work from anywhere.
All of these jobs that offer the best comfort and increased focus is working from home on the laptop. The advantages of this job include flexibility in schedules, the ability to remain in control of your own workspace, and enhanced focus as there is less noise and distraction.
With the number of remote job leads that are available, you are sure to find the perfect work from home job that suits your needs.
In addition, working from home gives you the freedom to work in a location of your choice. You no longer have to commute to an office or be bound by office hours.
Also, you can take breaks when you need them and work in a comfortable environment.
Which career choice are you going to look into?
Know someone else that needs this, too? Then, please share!!
You can pay rent with any credit card and earn rewards on the entire payment. But even if your credit limit can accommodate the transaction, there’s a catch: You generally have to use a payment portal that tacks 2% to 4% onto the transaction. That’s more than enough to offset any rewards you’d earn.
Bilt Mastercard offers a way around that. It has a built-in rent payment portal that lets you pay your rent without the transaction fee. You earn a 1% return on those rent payments too.
Transaction-fee-free rent payments with rewards is Bilt Mastercard’s biggest selling point, but it’s not the card’s only notable feature. Bilt Mastercard has some additional upsides — and downsides — to consider before you apply.
What Is Bilt Mastercard?
Bilt Mastercard is a rewards credit card with no annual fee. It’s one of the few credit cards that waives transaction fees on rent payments, significantly reducing the cost of paying rent with a credit card.
Bilt Mastercard has an above-average rewards program that earns points on everything you buy — double and triple points on common purchases like travel and dining. Heavy spenders can move up the Bilt Rewards hierarchy, earning points toward travel, experiences, or even a down payment on a house.
What Sets Bilt Mastercard Apart?
Bilt Mastercard has a few unusual features that set it apart from most rewards credit cards.
No transaction fee on rent payments. When you pay your rent with Bilt Mastercard, you don’t pay a transaction fee. That’s a big advantage over other rent payment portals, which charge at least 2% for rent payments.
The opportunity to build credit through rent payments. If you live at any of the more than 1 million units in the Bilt Rewards Alliance, a group of 20-plus property management companies, you can opt into a credit reporting program that alerts the major credit bureaus to your rent payments. That can become part of your strategy to build or rebuild credit faster.
Double points on the first day of the month. Bilt Mastercard doubles your point earnings on all purchases you make on the first of the month — Rent Day. That’s 6x points on dining purchases, 4x points on travel purchases, and 2x points on everything else. Plan your spending accordingly, especially big-ticket purchases.
Is Bilt Mastercard Legit?
Yes, Bilt Mastercard is legitimate. While Bilt itself isn’t very well known, this credit card is backed by Wells Fargo, one of the biggest banks in the United States (and world).
Funds held with Wells Fargo are FDIC-insured, and it’s one of the few banks qualifying as “too big to fail,” so it’s not going anywhere. If it does, we all have bigger problems than whether this one credit card is a scam.
Key Features of Bilt Mastercard
Bilt Mastercard touts its transaction fee-free rent rewards. But that’s just one feature on a much bigger menu.
Earning Bilt Rewards
Bilt Mastercard has a tiered rewards program. The rewards you earn depend on what category your purchase falls into. But overall, it’s a generous rewards program.
Unlimited 3x rewards on dining: Earn 3 points per $1 spent on eligible dining purchases, including takeout and delivery.
Unlimited 2x rewards on travel: Earn 2 points per $1 spent on travel booked directly with the provider, including airfare, hotels, rental cars, and cruises. Purchases through third-party booking engines like Expedia may not qualify.
1x rewards on rent payments: Earn 1 point per $1 spent on rent payments, even if your unit isn’t part of the Bilt Rewards Alliance. Bilt caps rent rewards at 100,000 points each year, high enough for most cardholders.
Unlimited 1x rewards on everything else: Earn 1 point per $1 spent on all other eligible purchases.
You have to make at least five transactions in a statement period to earn rewards for that period. That rules out using Bilt Mastercard for rent payments only.
Redeeming Bilt Rewards
You can redeem Bilt rewards for:
Direct travel purchases with over 100 airline and hotel partners
Transfers to more than a dozen airline and hotel partners, generally at a 1-to-1 ratio
Rent payments
Credit toward a down payment on a home
Experiences and merchandise, including classes with fitness partners like SoulCycle and home decor and apparel brands in the Bilt Collection
Redemption minimums and values vary, but if you travel regularly, the most reliable value comes from transfers to airline and hotel partners. Otherwise, rent payments are your best bet.
Bilt Rewards Status Levels
Bilt’s rewards program has four tiers based on your annual point earnings. Each tier unlocks new benefits:
Blue: Everyone starts as a Blue member.
Silver: Unlocks when you earn 25,000 points in a calendar year. Perks include a 10% bonus on Bilt points when you begin or renew an apartment lease with a Bilt Rewards Alliance members. So if your first month’s rent on a qualifying lease is $2,000, you earn 200 bonus points.
Gold: Unlocks with 50,000 points earned in a calendar year. With Gold, the points bonus for a new or renewed lease jumps to 25%. Plus, you get access to Bilt’s Homeownership Concierge, a homebuying consulting service.
Platinum: Unlocks with 100,000 points earned in a calendar year. The lease incentive bonus increases to 50% and you get an exclusive gift from the Bilt Collection — typically some sort of home decor item.
Building Credit With Rent Payments
If you wish, you can allow Bilt to report your rent payments to the three major credit bureaus (Experian, Equifax, and TransUnion). That may help you build credit faster, especially if you don’t have many other credit accounts. But it can also hurt you if you stop paying rent for any reason or you’re late on rent payments.
Travel Benefits
Bilt Mastercard has some potentially valuable non-rewards travel benefits too.
Trip cancellation and interruption coverage reimburses nonrefundable prepaid reservations you have to cancel so long as you have a valid reason, such as illness
Trip delay reimbursement covers nonrefundable prepaid reservations you can’t honor due to covered flight or other transport delays
Car rental insurance covers costs related to collision damage to your rental car when you pay for the rental in full with your Bilt card and decline the rental company’s offer of coverage
Additional Benefits
Bilt Mastercard has some other complimentary benefits:
$5 Lyft credit per statement period when you complete at least three rides
$5 credit off your first DoorDash order each month
Three-month complimentary DoorDash DashPass subscription, which waives the delivery fee on eligible orders
Cellphone protection, which covers damage and theft up to $800 per claim (less a $25 deductible)
Ongoing APR
From day one, Bilt Mastercard’s APR is 20.99%, 23.99%, or 28.99%, based on your creditworthiness. There’s no introductory APR promotion for purchases or balance transfers.
Important Fees
Bilt Mastercard has no annual fee or foreign transaction fees. Other fees may apply, including balance transfer and cash advance fees.
Credit Required
Bilt Mastercard has relatively laid-back standards. It’s not for people with bad credit, but your application may be approved, even if your FICO credit score is below 700. For more information, see our article about good versus bad credit scores.
Advantages
Bilt Mastercard has an above-average rewards program, multiple perks and benefits for renters, and some potentially valuable benefits for cardholders who use rideshare and restaurant delivery services.
Up to 3x points on eligible purchases. Bilt Mastercard earns 3 points per $1 spent on dining purchases, on par with premium dining credit cards like Chase Sapphire Reserve.
Earn rewards on rent payments without the transaction fee. Bilt Mastercard earns 1 point per $1 spent on rent payments. That’s nice, but the real value is in the transaction fee waiver, which can save you 2% to 4% when compared to other rent payment portals.
Earn double points on Rent Day. Bilt Mastercard doubles rewards on all purchases made on the first of the month. That boosts the maximum return to a very generous 6x.
More points as you ascend status levels. Earn at least 25,000 points in a year to unlock higher status levels, with benefits like bonus points on new and renewed leases at Bilt Alliance properties.
No annual fee. Bilt Mastercard has no annual fee, so you won’t pay anything to keep it around. This is a welcome contrast with some other premium dining and travel credit cards.
DoorDash and Lyft perks. They won’t make you rich, but Bilt Mastercard offers perks for regular DoorDash and Lyft users (or users willing to switch). Both are worth at least $5 per month if you meet the qualifications.
Relaxed standards. Bilt Mastercard has looser standards than many competing cards, which require FICO scores above 700 to qualify (and sometimes well above).
Opportunity to build credit with rent payments. If you live in a unit managed by a member of the Bilt Rewards Alliance, you can agree to have your rent payments reported to the major credit bureaus. That can build your credit faster than simply using your credit card, though it can also hurt your credit if you stop paying rent.
Disadvantages
Bilt Mastercard is missing some common rewards card features and falls flat on purchases outside the dining and travel categories, among other disadvantages.
Minimum transaction requirement to earn rewards. You must make at least five transactions in a statement period to earn rewards for that period.
Low rewards rate on most purchases. Even if you clear the transaction threshold, you earn just 1 point per $1 on most purchases. That’s lower than competing credit cards like Chase Freedom Unlimited (1.5% back on most purchases) and Citi Double Cash (2% back on all purchases when you pay in full).
No sign-up bonus. Bilt Mastercard has no spend-based sign-up bonus. Many other no-annual-fee rewards cards do, so that’s a notable absence.
No 0% APR introductory offer. Bilt Mastercard also has no 0% APR introductory offer, which is a big downside for new cardholders looking to finance big purchases or pay off high-interest balances from another card.
How Bilt Mastercard Stacks Up
Bilt Mastercard really leans into its rent payment benefits, but if you zoom out, it looks like a fairly typical travel and dining credit card. So before you apply, see how it stacks up against another popular credit card that rewards dining and travel: the Chase Sapphire Preferred Card.
Bilt Mastercard
Chase Sapphire Preferred
Dining Rewards
Unlimited 3x
Unlimited 3x
Travel Rewards
Unlimited 2x
Unlimited 2x or 5x
Base Rewards
1x (limited only on rent)
Unlimited 1x
Double Points Day
Yes
No
Travel Credit
None
$50 on eligible hotels
Sign-Up Bonus
None
Yes
Rent Transaction Fee
None
Yes
Annual Fee
$0
$95
Final Word
Bilt Mastercard is the best credit card to use for rent payments because it waives the customary transaction fee, which can add 2% to 4% to the cost, depending on which payment portal you use. It has some other benefits too, including unlimited 3x rewards on dining purchases and unlimited 2x rewards on travel purchases. And it has no annual fee.
But Bilt Mastercard has some meaningful drawbacks. It lacks a sign-up bonus or 0% APR introductory promotion, and its baseline rewards rate is low. Most important, you have to make at least five transactions in a statement period to earn rewards for that period, which rules out getting it just to use on rent payments or infrequent use in general.
Still, Bilt Mastercard is a contender if you’re a renter in the market for an entry-level rewards credit card.
The Verdict
Our rating
Bilt Mastercard
Regular Rewards Rate: 1x points on most eligible purchases (including rent)
Bonus Rewards Rate: 2x points on travel purchases and 3x points on dining purchases
Annual Fee: $0
Ongoing APR: 20.99%, 23.99%, or 28.99%, based on your creditworthiness
Credit Needed: Average or better
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
@media (max-width: 1200px)
body .ns-buttons.ns-inline .ns-button-icon width: 100%; .ns-inline .ns-button –ns-button-color: #000000;
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
It’s that time again, where we take a hard look at a mortgage program floating around the web.
Today, we’ll look at the so-called “Easy Orange” mortgage from ING Direct, a Dutch mortgage lender doing business on our shores (how dare they!).
They call “Easy Orange” the “mortgage for savers,” apparently because the associated mortgage rate is priced below comparable loan products.
Easy Orange mortgages come in the form of either a 5-year or 10-year fixed rate loan.
They’re still based on a 30-year amortization, meaning they’re balloon mortgages, with a final payment due after the five or 10 years are up.
Short Term Mortgages
That’s right, they’re due after just five or 10 years.
The big distinction is that ING offers a “rate renewal feature,” which allows borrowers to relock their rate for another term, for the cost of one mortgage payment (2 biweekly payments).
There’s a catch though – they may not always offer rate renewals, and interest rates and costs can change (go up). They probably won’t get any lower…
In other words, you may have to pony up the money for the “final payment,” which will likely be huge, or refinance elsewhere, assuming you don’t sell before the relatively short term is up.
Oh, and the Easy Orange forces you to make biweekly mortgage payments, though they’re free of charge.
So you’ll be making a mortgage payment every two weeks, which is the standard monthly payment cut in half. This makes for 13 full payments a year instead of 12.
Easy Orange Requirements:
– 20% down payment (or home equity if refinancing) – Must be owner occupied property (primary residence) – No vacation homes or investment properties – No manufactured homes, condotels, properties greater than 10 acres – Minimum credit score of 700 – Max loan amount of $750,000
Easy Orange Benefits:
– No application fees – No mortgage points – Biweekly payments – Free 60-day rate guarantee on purchases, 45 days for refinances – Apply online – Guaranteed closing costs (they won’t change from time of application) – Close online or over the phone at no extra charge – Pay electronically
Final Word
While the Easy Orange could save you some money in the short term via the lower mortgage rate associated with the loan program, it carries some serious risk if ING doesn’t offer a rate renewal, or if you’re unable to sell or refinance once the term is up.
Even if they do offer a rate renewal, it may be significantly higher than your previous rate.
They currently offer an interest rate of 2.990% (3.050% APR) on the 5-year product, which may be slightly lower (half point or so) than other adjustable-rate mortgages out there that adjust after five years.
But you’re faced with a decision after five years with Easy Orange, while other ARMs allow you to stay with the loan program, just at the fully indexed rate, which could be higher or lower.
Easy Orange also requires you to make biweekly mortgage payments, which is great if you want to actually pay off your mortgage early, but somewhat counterintuitive if your loan will be reset every five years.
In the end, it may not be worth the risk for the slight reward afforded via the Easy Orange mortgage, but it’s certainly a unique way of going about getting a mortgage.
[embedded content] Calyx Software is mortgage loan origination software designed to help users with mortgage loan and marketing processes. To help you streamline your processes, Calyx offers multiple tools, including, among others: Calyx Point Portfolio Producer Calyx Network INK-it WebCaster tools Calyx Point’s features include template creation, monthly SaaS pricing, pipeline management, prospect database, and … [Read more…]
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
First Mortgage Direct
First Mortgage Direct is the online lending division of First Mortgage Solutions, a brick-and-mortar lender based in Kansas City, Missouri. The lender doesn’t charge origination fees or other hidden costs, nor participate in any gimmicky specials or limited-time offers.
Strengths:
Borrowers assigned readily available loan officer to work with via phone or email
No origination or hidden fees
Loans for purchases, first-time homebuyers and refinancing
Weaknesses:
Not available in every state
Limited call center hours for general inquiries
Read Bankrate’s First Mortgage Direct review.
Sage Mortgage
Sage Mortgage is an online mortgage company that both underwrites loans and works with multiple wholesale lenders. The company can help you secure a preapproval in one to two days, and the typical closing takes 27 days.
Strengths:
Works with multiple wholesalers to offer competitive rates and fast cycle times
Dedicated loan officer works with borrowers throughout the entire process
Weaknesses:
Doesn’t offer VA loans
Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
Read Bankrate’s Sage Mortgage review.
Better.com
Better.com is a direct online lender established in 2016 that provides a completely online process where rates, loan preapprovals and resources are available 24/7. The lender offers a variety of mortgage options, including conventional and jumbo fixed-rate and adjustable-rate mortgages and bridge loans.
Strengths:
No commissions or fees charged
Smart technology automatically looks for and applies discounts to eligible borrowers
Automated process yields a preapproval letter in three minutes
Will beat competitor’s offer or give you $100 (only available to applicants who go directly through Better)
Weaknesses:
No branch locations
No home equity lines of credit (HELOCs) or home equity loans
Some government loans not available
Read Bankrate’s Better.com mortgage review.
Interfirst Mortgage Company
Interfirst Mortgage Company is an online-only mortgage lender headquartered in Chicago, Illinois. Preapprovals with Interfirst typically take one day, and closings usually happen in 30 to 45 days. Interfirst does not offer discounts to current customers, but it also doesn’t charge points, application fees, lender fees or other hidden fees.
Strengths:
Online application process
Speedy preapproval
No points or hidden fees
Weaknesses:
Doesn’t offer government-insured loans like FHA, VA or USDA loans
Requires a higher credit score to qualify
Does not consider alternatives to traditional credit scores, like rent payment history
Read Bankrate’s Interfirst Mortgage Company review.
LoanMonkey
LoanMonkey, a mortgage broker and lender, offers “The Online Everything Mortgage” that allows borrowers to manage their loan applications completely online. The broker and lender was founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, and is headquartered in San Diego, California.
Strengths:
Streamlined application managed online; takes approximately 15 minutes to complete
Low overhead can yield lower rates
Closings average 30 days
Weaknesses:
Only available in some states
Doesn’t offer some specialized mortgages, including construction and USDA loans
Editor’s note: This is a recurring post, regularly updated with new information and offers.
TPG staffers are huge fans of the Chase Sapphire Preferred® Card, happily paying its annual fee each year and listing it as one of the cards we can’t live without. We love that this card earns bonus points on travel and dining and allows us to transfer our points to valuable transfer partners.
And in 2021, Chase added some new perks to the card to make it even more valuable. One of these benefits is a 10% anniversary points bonus, giving cardholders a 10% bonus based on their total spend during the account anniversary year at a rate of 1 point for each $1 spent. So, for example, if you spent $100,000 on your Sapphire Preferred during your cardmember year, you would get 10,000 bonus points at the end of the year.
Since TPG values Ultimate Rewards points at 2 cents each, earning 10,000 bonus points would be like getting $200 in value. The more you spend, the more you’ll earn, and this one perk alone could help make up for some (or all) of the card’s $95 annual fee.
Let’s dive into the specifics of this benefit and how you can track your progress on the Chase Sapphire Preferred’s 10% anniversary bonus.
About the Chase Sapphire Preferred 10% anniversary bonus
Without reading the fine print, this new perk can initially sound slightly misleading. Here are the details:
10% anniversary points bonus: Each account anniversary year, you’ll earn bonus points that equal 10% of your total spend in points from purchases made with your credit card during the previous account anniversary year at a rate of 1 point for each $1 spent. “Account anniversary year” means the year beginning with your account open date through the anniversary of your account open date, and each 12 months after that.
You shouldn’t mistake this as earning 10% back of the points you earned in a given year. Instead, you’re earning 10% more points based solely on the dollars you spend during your given account anniversary.
You can think of this as simply adding 0.1% to the existing bonus categories on the Chase Sapphire Preferred. As a reminder, here’s the earning rate on the card:
So in your mind, you could add 0.1% to all of the multipliers above. In other words, you’re earning 5.1 points per dollar on Lyft purchases (through March 2025), 3.1 points per dollar on dining, 2.1 points per dollar on other travel purchases — the list goes on.
Sign up for our daily newsletter
While not a huge difference, it can certainly add up to a significant number of bonus points at the end of your cardmember year.
Related: 7 Chase Sapphire Preferred benefits you might not know about
How to track your progress for the 10% anniversary bonus
If you don’t know your account anniversary date already, visit the Ultimate Rewards portal to find this date as well as your progress toward your 10% bonus.
Click on “Rewards Activity” and you’ll find a summary of your spending, points earned, and your progress under “10% Anniversary points boost.”
My account anniversary just reset, so I haven’t yet earned many points toward my new 10% bonus. That number will increase significantly as I spend more over the coming year.
Another important thing to note here is that you won’t receive your bonus points until 60-90 days after your anniversary period is over. This is likely because Chase wants you to pay your annual fee for the next year before awarding you these bonus points.
Regardless, there’s no extra work involved for you to activate this benefit. The points will automatically accrue and deposit to your account once your anniversary resets. If you want to track your progress, you can do so under the “rewards activity” of the Ultimate Rewards portal. Otherwise, let the points fly in.
Related: How to use the Chase Sapphire Preferred hotel credit
Bottom line
If you don’t put a huge amount of spending on your card, this 10% anniversary points bonus isn’t necessarily monumental. Still, it’s another benefit that makes the Chase Sapphire Preferred a card worth getting and keeping.
For more details, check out our full review of the Chase Sapphire Preferred.
Official application link: Chase Sapphire Preferred with an 80,000-point sign-up bonus after spending $4,000 on purchases in the first three months of account opening.
“You don’t have to be world-class great to make a great living doing what you love,” Jonathan Fields writes in Career Renegade, “if you are willing to step outside the box, approach your passion differently, find innovative ways to mine that passion for money, and work like crazy to make it happen.”
In Career Renegade, Fields draws upon his own experience, as well as that of others, to provide a blueprint for those willing to take that entrepreneurial leap of faith.
Career Renegade is an odd book. Its title and marketing might lead you to believe it’s about careers. As I write this, it’s the number one book in Amazon’s “job hunting” category, which is baffling. Career Renegade isn’t about job hunting or changing careers. It’s about taking your passion and turning it into a business. It’s about entrepreneurship. As long as you expect this going in, it’s a great book.
Profiting from your passion Career Renegade starts by exploring the relationship between what we do and what we love. Fields encourages readers to examine their own lives to discover what it is they’re passionate about. His message is that although it might seem impossible, although it might take some hard work, you can turn your dreams into a career.
“The paths to transforming a moneyless passion into a lucrative future are limited only by your own creativity,” Fields writes. Career Renegade suggests seven possible paths for turning passion into profit:
Redeploying your passion in a hungrier market. Do what you love in an area where there’s high demand.
Refocusing and mining the most lucrative micro-markets. Sometimes the solution is to narrow your market, to focus on doing something valuable for a select group of people.
Exploiting gaps in the information needed to excel at an activity. Fields argues that one way to succeed at doing what you love is to provide information that nobody else offers, or to offer it in a way that others don’t. Get Rich Slowly is an example of following this path.
Exploiting gaps in education. Beyond just providing information, some people can profit by directly teaching others.
Exploiting gaps in gear or merchandise. Using this path, you turn your passion into a product. You “build a better mousetrap”, so to speak.
Exploiting gaps in community. People value networks, and if you’re the first or best to create one devoted to your subject, you can become the leader in the field. Fields mentions Ladies Who Launch as an example of taking a passion for community-building and it into a career.
Exploiting gaps in the way a pursuit is provided. The final path is to make it easier for people to do what you love (and what they love).
Fields writes that it’s possible to “turn your passion loose in unexpected places”. He cites the example of Liv Hansen, a young woman just out of school who couldn’t find a job in the art world. She went to work at her mother’s bakery, and began to create fanciful designs on the wedding cakes and cupcakes. Though this may not have been how she had planned to use her art degree, it turned out to be profitable and fulfilling work.
While the first half of Career Renegade is devoted to helping you find your passion, the second half is all about developing an entrepreneurial mindset and marketing your idea.
What if you’re not an entrepreneur? Many of my friends love their jobs and have no desire to become self-employed. They use hustle, passion, and patience to make the most of working for somebody else. It’s very possible to make a great living doing what you love without striking out on your own.
My wife, for example, just isn’t an entrepreneur. Kris loves her job as much as I love mine. She enjoys her co-workers and the workplace culture. She has no desire to work for herself. What does Career Renegade have to offer folks who don’t want to become entrepreneurs? I asked the author to comment on this. Jonathan Fields responded:
I lean strongly toward taking more control and being an entrepreneur. And, most of the people in my book seem to be wired that way, too. But that’s not necessarily true.
There will still be some people that just want to keep working for someone else. The cool thing is, you can tap many of the market research strategies that I lay out in the early part of the book to not only test your idea, but identify other people and companies to connect with. They’ll reveal companies who are doing something similar, then you can:
approach them for a job, or
build your personal brand online to showcase your abilities in the area of your passion, then tap social media to find key influencers and hiring managers and make them aware of your showcase
That whole process is largely what the second half of the book is about.
All the same, I’d hesitate to recommend Career Renegade to somebody simply hunting for a new job. I don’t think it’s appropriate.
Career Renegade also suffers from one of the same flaws as The Power of Less [my review]: it’s tech-centric. Its examples and suggestions are based on the assumption that you can leverage the web and social media to make your business succeed. This isn’t always true. My father’s passion was to start a small manufacturer of custom boxes. There is nothing that Twitter could offer my family’s box factory. Podcasts and blogs won’t help either. It’s not that sort of business.
The bottom line Career Renegade is not a bad book — not at all! It is, however, a book aimed a narrow target audience, one much narrower than the cover and title might lead you to believe. Entrepreneurs are a subset of the general population. This book is written for a subset of entrepreneurs.
There’s a lot of fine information here for those interested in launching a business in which the internet will play a key role. I love the case histories that Fields uses to flesh out his topics. I never tire of reading how other people have managed to turn their passion into a business. I can learn a lot, for example, from reading how Anita Campbell moved from lawyer to blogger at Small Business Trends.
Career Renegade is a great book — for a certain type of person.If you believe you might enjoy working for yourself — even if you don’t know what it is you’d do — this book is worth reading. If you are looking to start your own business and if that business requires a strong online presence, this book is a tremendous resource. But it’s not the next What Color is Your Parachute?
How to File for Student Loan Bankruptcy – MintLife Blog
Skip to main content
credit score significantly. Depending if you file for chapter 7 or chapter 13, bankruptcy will stay on your credit report for seven to 10 years. You should also be aware that when you file for bankruptcy, all of your financial information becomes available to the public. The court may also decide on how and when you can spend your money, as well as who you must repay first.
Something else that you can try instead of filing for bankruptcy is checking if you are eligible for an income-driven repayment plan. This allows you to repay your student loan debt at an affordable monthly rate based on your income. Another option is to see if you are eligible for a forbearance. A forbearance puts a temporary hold on your loan payments if you are approved. To get approved you must show that you have some kind of outstanding medical expense or financial obligation. You can also get approved for military or AmeriCorps service. One thing to consider with a forbearance is that your loans still build interest when you don’t pay them.
Next, you can check to see if you meet the requirements for Public Student Loan Forgiveness (PSLF). To qualify you must have made at least 120 qualifying monthly loan payments under a qualified plan while working full-time for a qualified employer.
Some last things to consider before you decide to file are the costs and time it takes to get your loans discharged. Getting student loans discharged is very uncommon, so you will want to be certain you will qualify before you try. If you plan on filing, you should be ready for filing fees and attorney fees — attorney fees average over $1,400 and filing fees are typically around $300. This can be a lot, especially for someone who is looking to file for bankruptcy. That is why it is important to fully understand where you stand with your finances. Many people do not realize what it costs to file for bankruptcy. For some people this is a burden that damages their finances even more. This is why you must be certain that you can do things like pay your rent and buy groceries after filing. If this is too much, then you might want to consider other options.
How to Demonstrate Undue Hardship
Proving that your student loans will cause you undue hardship is not an easy task. You will have to demonstrate that paying back your student loans will cause a significant negative effect on you and those who depend on you.
There is no set way to determine or ask someone to demonstrate undue hardship. Courts have the discretion of what methods they use to determine your hardships. A common method used by many courts to prove undue hardship is the Brunner test. To prove undue hardship, you must meet all three factors of the test:
Poverty – You can’t afford to pay your loans with your present earnings and spendings, and maintain a minimal standard of living afterwards.
Persistence – Your present financial struggles will carry on for a considerable amount of time while you repay your loans.
Good Faith – You have made efforts in good faith to repay your loans and arranged for an affordable payment plan
Some courts use a different method of testing for undue hardship known as the Totality of Circumstances Test. For this test the court will review all of your applicable financial assets, future earnings, and expenses. Based on what they find they might rule for undue hardship. This test is different from others because it looks at all aspects that could have an effect on the person, rather than just one or two factors.
Filing for Student Loan Bankruptcy
Discharging your loans comes at the end of bankruptcy, and you might run into some tough questions along the way. There are a few things you can do to help you understand and complete the process.
1. Talk to a Financial Advisor or Lawyer
As mentioned, getting your loans discharged can be very challenging, especially for someone who is unfamiliar with the process. This is why you will want to seek assistance from a bankruptcy lawyer who is practiced and has been in these situations before. Their professional knowledge will be very useful when it comes to filling out the correct forms and procedures.
2. File for the Correct Type of Bankruptcy
When you try to discharge your student loans, you will first have to file for bankruptcy for either chapter 7 or chapter 13. Chapter 7 might discharge your loans if they deem you unable to pay because of undue hardship. Chapter 13 bankruptcy will not get rid of your loans, rather restructure the payments so they are affordable.
Chapter 7
You must show the court that you cannot afford the cost of your loans.
If you are eligible, all loans can be cleared and you will no longer be personally liable.
You must meet with and be questioned by your appointed trustee and creditors.
This process can take 4 to 6 months, but can completely discharge your loans.
Chapter 13
You can prove that you can repay some of your debts, but finishing your current payments will cause undue hardship.
Rather than being discharged, loans are restructured. You will hold onto assets and debts will be discharged after the case.
You must create a payment plan for the court and all creditors to view.
Payment plans can take 3 to 5 years.
3. Start the Adversary Process
An adversary proceeding is a lawsuit filed in bankruptcy and basically means that you are making a complaint in court. This is required for bankruptcy because your complaint is your inability to pay your student loans. When you file this proceeding you will need to have proof that you cannot make your loan payments due to undue hardships. This means verifying your income and proving that dependents rely on you, making it impossible to pay your loans.
So can you file for bankruptcy on student loans? The answer is yes, but you should look into other options first and establish an affordable payment plan. Now that you know what it takes to discharge your student loans this way, and you understand the difficulty and costs that come with proving undue hardship, you can take your next steps. Use a debt-to-income ratio tool to help you plan your payments by determining your ability to afford and pay a loan.
Previous Post
How to Find a Financial Advisor in 5 Simple Steps
Next Post
What Is the Debt Avalanche? How to Tell If It’s…
After the mortgage crisis, government mortgage financier Fannie Mae wound up with a lot of bank-owned homes. They said it themselves; they couldn’t prevent every foreclosure out there.
This was especially true after scores of borrowers took out low down payment mortgages, only to watch home values sink and deplete them of all their home equity, destroying the housing market in the process.
Fannie Mae Homes for Sale
Fannie Mae HomePath
Is the program that was created to unload the many homes
That are now owned by Fannie Mae due to foreclosure
As a result of the massive housing crisis that took place
However, Fannie Mae is not in the business of owning single-family homes or condos, so they’re trying to unload them as quickly as possible by offering all types of incentives to prospective home buyers.
They have thousands of properties nationwide, including single-family homes, condos, and townhouses, including homes geared toward first-time buyers and those for move-up buyers.
Some of the properties have received repairs and improvements, but all are sold as-is, meaning you still need to do your diligence and inspect the property before purchase.
There is no specific HomePath loan, but Fannie Mae offers special home loan financing on these properties via its “HomeReady Mortgage” loan program.
The HomeReady program offers lower mortgage insurance and pricing adjustments to borrowers who complete homeownership education, which will equate to lower monthly mortgage costs. And you don’t have to be a first-time home buyer.
Let’s take a closer look at the HomePath program and the corresponding lending guidelines to see if this home buying avenue might be right for you.
What Is a Fannie Mae HomePath Property?
It’s a foreclosed home or condo
That is now owned by Fannie Mae
And available for sale by the company
To both first-time home buyers and investors
In short, a HomePath property allows prospective home buyers to get their hands on a Fannie Mae property (prior borrower lost it via foreclosure, deed-in-lieu, or forfeiture) with as little as three percent down payment.
Anyone can purchase a HomePath property, including first-time homebuyers, investors, and those looking for a vacation home, but special priority is given to owner-occupants via a First Look buying period.
A real estate agent is assigned to each property available, as they would be with a traditional home purchase. You may use your own buyer’s agent, or contact the HomePath listing agent directly. But you can’t buy the homes directly from Fannie Mae.
In any case, the home buying and mortgage process will be pretty similar to the usual experience, though hopefully more streamlined and with less competition from other prospective buyers.
Aside from the favorable financing options, you might be able to get a deal on a property that you otherwise wouldn’t realize when buying a home through traditional channels.
For those who like the idea of getting a bargain by purchasing a previously foreclosed home, but don’t like the risk and/or uncertainty, HomePath might be the winning ticket. Many of the HomePath homes are even move-in ready!
By the way, similar programs are available for Freddie Mac homes via HomeSteps and HUD-owned properties via HUD Homes, so be sure to check those as well to expand your search.
HomePath Mortgage Financing
Financing with as little as 3% down payment
3% closing cost credit if you complete a home buyer education course
Only need a 620 credit score to qualify
Up to 6% seller concessions for owner-occupied properties
Lower mortgage insurance coverage compared to standard requirements
Non-occupant borrowers permitted
$0 borrower contribution from own funds
Multiple financed properties (investors can finance up to 10 properties!)
As noted, you only need 3% down if it’s a owner-occupied property. And that down payment can be in the form of a gift, a grant, or a loan from a nonprofit organization, state or local government, or an employer, not just from the borrower’s own savings.
This compares to the minimum 3.5% down payment required with an FHA loan, and the typical 5-10% required on conventional loans. There is no required borrower contribution, which is handy for those short on funds.
Additionally, borrowers who need help qualifying for a larger mortgage payment can use a non-occupant co-borrower, as well as boarder income or rental unit income.
Another advantage is that the private mortgage insurance can be canceled, unlike the FHA’s in most cases.
At the same time, HomePath mortgage rates are competitive relative to traditional mortgage rates, despite the flexible underwriting guidelines and low down payment (and credit score) required.
Also understand that most large mortgage lenders, such as Citi or Wells Fargo, are “HomePath Mortgage Lenders,” meaning they can offer you financing via the loan program.
Additionally, some of these lenders work with mortgage brokers, so you can go that route as well if you want to shop around for a low rate.
HomePath Ready Buyer Program Incentive
The HomePath Ready Buyer Program
Provides up to 3% in closing cost assistance
To buyers who complete an online homeownership education course
As long as you’re a first-time home buyer and occupy property within 60 days
Fannie Mae is also currently offering up to 3% in closing cost assistance to HomePath buyers who take an online homeownership education course. This is basically a no-brainer if you’re considering making an offer on a HomePath property.
For example, if the purchase price is $300,000, that’s $9,000 toward closing costs that you’d otherwise have to pay out of pocket or absorb via a lender credit. And the $75 course fee is also recouped via the credit!
It takes most individuals just four to six hours to complete, so if your time is worth that (it better be!), it can certainly sweeten the deal and make the dream of homeownership more of a reality.
It’s also easy to claim the credit. Once you complete the course, you simply attach a copy of the completion certificate to the initial offer. But make sure you take the course early on so there’s no delay in making your offer if you happen to find a home quickly.
Additionally, note that you must be a first-time home buyer, meaning no ownership in the past three years. And you must reside in the property as your primary residence within 60 days of closing.
If your closing costs are less than 3% of the purchase price, you won’t receive the difference.
Those who plan to use the property as their second home, or as investment properties are excluded from the credit.
HomePath First Look Period
The First Look period
Allows owner-occupants to make an offer on a HomePath home
Before investors are able to
Typically the first 20 days of property being listed (30 days in Nevada)
Another snazzy feature to HomePath is the “First Look” marketing period, which gives individuals who plan to occupy the homes first dibs at making an offer.
This can be very beneficial, seeing that investors are typically the first to come along and scoop up foreclosed properties before everyday Joes even know what happened.
The First Look period is the first 20 days (30 days in Nevada) the property is listed on HomePath.com, which gives owner-occupants a nice little head start in front of investors.
When conducting a property search for homes owned by Fannie Mae, you’ll see a little “countdown clock” on the page that details how many days remain to make an offer during this period.
Some non-profits and public entities are also able to take advantage of the First Look period.
Oh, and all offers for HomePath properties are made online, which makes the home buying process quick and easy.
HomePath Short Sale Portal
If you’re a real estate agent (or a homeowner), Fannie Mae has made it a lot easier to list and sell short sale properties as well. Assuming Fannie Mae is the first lien holder on the mortgage tied to the property, you can receive list price guidance online.
Once the agent submits a request via the portal, Fannie Mae will order a Broker Price Opinion (BPO) and an appraisal to determine an appropriate listing price.
It will then take Fannie up to three weeks to complete the list price guidance request, after which agents will be able to market the property with a realistic list price that they know will be accepted.
Instead of coming up with a list price they hope will fly, agents (and homeowners) can save a lot of time by going direct to the source and obtaining a definitive answer. This should greatly speed up the short sale process, and best of all, it can all be done from a computer.
Update: This feature appears to be no longer available.
Final Word on HomePath
If you’re looking for a home or condo
And having a hard time finding an affordable property
Consider HomePath alongside your regular home search
To expand your reach and potentially find a property outside the box
In summary, Fannie Mae HomePath might be a good alternative to purchasing a foreclosure in the open market, with a little more peace of mind knowing a big name like Fannie Mae is involved.
And with low down payment requirements, plenty of mortgage options, and flexible underwriting guidelines, you could save some serious cash and increase your chances of loan approval, especially with the huge closing cost credit.
So HomePath properties and the corresponding easy financing should certainly be considered alongside other options.
But similar to other foreclosures, these homes are sold as-is, meaning repairs may be needed, which you could be responsible for. So tread cautiously and hire a home inspector!
I did a few searches on the HomePath website and found that many of the properties were located in hard-hit areas, and not necessarily highly-sought after regions of the country.
It makes perfect sense – these are previously foreclosed properties, so there’s a good chance they’re going to be located in areas ravaged by the mortgage crisis.